TITLE 44
Taxation

CHAPTER 44-43
Tax Incentives for Capital Investment in Small Businesses

SECTION 44-43-4


§ 44-43-4. Restrictions.

(a) The deduction or modification provided in § 44-43-2 and the credit provided in § 44-43-3, shall not reduce the taxes prescribed in chapters 11, 13 and 14 of this title to less than one hundred dollars ($100). Amounts of credits, modifications, or deductions shall not reduce the taxes set forth in chapters 17 and 30 of this title to less than zero (0).

(b) The credit provided in § 44-43-3 is not refundable.

(c) Amounts of credits, modifications, or deductions which may not be used due to the application of subsection (a) of this section may not be carried over to the following year.

(d) In the event that the taxpayer entitled to a deduction in accordance with § 44-43-2 is a partnership, joint venture, or small business corporation, the deduction shall be divided in the same manner as income.

(e) The deduction authorized by § 44-43-2(a)(1) shall only be allowed in the computation of net income or net worth of that corporation included in a consolidated return that qualifies for the deduction and may not be used in the computation of net income or net worth of other corporations that may join in the filing of a consolidated tax return.

(f) The credit prescribed in § 44-43-3 may not be applied against the tax for which the entrepreneur is liable until all other credits available to the entrepreneur have been applied.

History of Section.
(P.L. 1987, ch. 559, § 1.)